CBN boosts economy with N3.3tr credit - Latest Nigeria News, Nigerian Newspapers, Politics

It has also given intervention funds to businesses affected by the COVID-19 pandemic and endorsed the restructuring of loans.

He said the banking system remains very strong, as non-performing loans were 11.1 per cent in May last year but dropped to 6.4 per cent as of June this year. “In spite of these large sums granted, from N15.6trillion to about N18.9trillion, the prudential ratios are still looking so strong. “We are working with the banks to give more forbearance to those customers. If we see forbearance moving to 60 or 65 per cent, we will get more comfortable that we have been able to turn the corners by assisting businesses to get over their business challenges,” he said.

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